Monday, 30 January 2012

Be gone credit card and good riddance!

Yesterday myself and the BF spent the day in London celebrating Chinese New Year with my Mum and Dad. We headed past Trafalgar Square up to China Town in pursuit of dragons, drums and decorations. Things were pretty crowded and quiet in comparison to other years so feeling the cold we went to Carnaby Street for a bite to eat.

Conversation turned to our current living arrangements and how I am increasingly getting fed up with living with other people who bring drunk 18 year olds home who puke in our loo and who don't seem to know how to pick up a hoover. Anyways, after discussing finances and savings etc the conversation turned to my BF's credit card and the extortionate amount of interest he is paying, and what a rip off it is. My mum, (who used to be a personal banker) strongly advised that I pay off the balance of £900 using my savings, and my BF pay me back instead. A monthly repayment of £75 should clear it within the space of a year. So that's what we plan to do, I have just made the transfer and it should hopefully be paid off and sorted out by tomorrow.

They then said that if we (I?) continue to save how we/I am then they may be able to help us with some of the deposit on a flat in around a years time. I almost cried with relief that I won't have to put up with this situation for too much longer and we may even have our own, settled home. It almost seems to good to be true and so far away, but will feel so worth it if it does happen. Though it is a little disheartening transferring almost £1,000 out to pay of the credit card certainly makes financial sense in the long run. If things go to plan I should have around £10,000 by the end of July (if we stay living in the same place we are now- fingers crossed, even though the people aren't great its affordable, is a fairly nice, newly refurbished flat and is also great location wise).

So come July time that leaves ten months to save £500 per month, maybe more if I get a decent pay rise in October and the BF starts saving too. That's at least a total of £15,000 so would probably need to borrow £10,000 off my parents for a deposit. Their mortgage is going down shortly and they have my sister and her BF living at home paying a couple of hundred pounds rent between them so all being well they can help us towards our future. Eep!

Day to day saving seems so hard, but I just keep thinking every thing I buy means our own home is just a bit further out of reach. I've resisted the daily diet coke, and have a weeks worth of meals planned so won't need to do a shop until the weekend when I plan on going home as my BF is working nearly the whole weekend and I want a couple of uninterpreted good nights sleep (as well as some free food as well of course hehe!).

I'll keep my little turtle tracker at the same amount as I will be recouping the money over the next year and want to know where I am in relation to my overall goals.

Does anyone have any inspirational quotes to keep me focused? and does anyone else struggle with just keeping going? Please feel free to share your tips.

Hope you've all had a Happy Monday and may the frugal feeling stay with you.


  1. Thats good news, it will give you a big incentive to save.

  2. This is a topic that's close to my heart... Cheers! Where are your contact details though?

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